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HARRY HUGHES, Governor 2215
(a) The Authority may provide by resolution for the
issuance at one time, or in series from time to time, of
negotiable revenue bonds of the Authority in an amount not to
exceed $25,000,000 in the aggregate, for the purpose of paying
all or a part of the cost of the market AND THE PARK, and for all
other purposes set out in this subtitle. Such bonds and any
interest coupons to be attached shall be executed in such manner
as determined by the Authority.
(b) The bonds shall be dated, shall bear interest at such
rate or rates, payable semiannually, and shall mature at such
time or times not exceeding [forty (40)] 40 years from the date
or dates of their respective issues as may be determined by the
Authority, and may be made redeemable before maturity, at the
option of the Authority, at such price or prices and under such
terms and conditions as may be fixed by the Authority prior to
the issuance of the bonds. The principal of and the interest on
such bonds may be made payable in any lawful medium and shall be
payable solely from the funds provided by this subtitle for such
payment.
(c) Revenue bonds issued under the provisions of this
section shall not be deemed to constitute a debt of the State or
of any political subdivision thereof or a pledge of the faith and
credit of the State or of any such political subdivision, but the
bonds shall be payable solely from the funds herein provided
therefor from market OR PARK revenues. All revenue bonds shall
contain on the face thereof a statement to the effect that
neither the Authority nor the State nor any political subdivision
thereof is obligated to pay the principal or the interest thereon
except from market OR PARK revenues.
(d) The Authority shall determine the form of the revenue
bonds, including any interest coupons to be attached thereto, the
manner of executing the bonds, the denomination or denominations
of the bonds, and the place or places of payment of principal and
interest thereof, which may be a bank or trust company within or
without the State.
(e) The revenue bonds and any interest coupons to be
attached thereto shall be executed in such manner as may be
determined by the Authority. If any officer whose signature or
facsimile thereof appears on any bond or coupon ceases to be such
officer before the delivery of bonds, the signature or facsimile
thereof shall nevertheless be valid and sufficient for all
purposes the same as if he had remained in office until the
delivery.
(f) All revenue bonds issued under the provisions of this
section have and are hereby declared to have, as between
successive holders, all the qualities and incidents of negotiable
instruments under the negotiable instruments law section of the
Uniform Commercial Code of this State. Provisions may be made
for the registration of any of the bonds in the name of the owner
as to principal alone and also as to both principal and interest,
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